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Best Budgeting Apps Of June 2024

Contributor,  Personal Finance Reviewer and Writer
Banking Editor

Fact Checked

Updated: Jun 3, 2024, 11:43pm

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

The best budget tool for you is the one you’ll actually use, whether that’s a full-featured app, a tricked-out spreadsheet or more manual means. To help in your search for the right budgeting app, we’ve ranked ten of the best budgeting apps available.

Mint, previously one of the leading free budgeting apps, is no longer available to download, so it does not appear on this list.

Why you can trust Forbes Advisor

Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below.

  • 15 budgeting apps evaluated
  • 18 data points considered
  • 5 features weighed and scored

Read more

Best Budgeting Apps Of June 2024

We’ve compared 15 budgeting apps to find some of the best mobile apps available for managing budgets, savings and expenses. For this review, Forbes Advisor focused on apps available to U.S. consumers. The top 10 apps offer a variety of useful features and tools that can meet varied personal finance and money management needs.

App details are accurate as of June 3, 2024.


Best for Setting Goals

YNAB (You Need A Budget)

YNAB (You Need A Budget)
4.7
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

$14.99/month or $99/year

after 34-day trial

Android Rating

4.7/5

based on 18K+ reviews

iOS Rating

4.8/5

based on 50K+ reviews

YNAB (You Need A Budget)
Learn More Arrow

Read Our Full Review

$14.99/month or $99/year

after 34-day trial

4.7/5

based on 18K+ reviews

4.8/5

based on 50K+ reviews

Editor's Take

We picked YNAB because it helps users figure out and focus on their financial priorities by giving each dollar a job. Within the app, there are several features to support setting goals and budgeting efficiently.

Why We Like It

We like that YNAB offers adjustable goal tracking so you can customize your budget as your needs change and reports to help you better understand your financial habits. YNAB also has a knowledgeable support team, guides to common questions and free online workshops.

What We Don’t Like

We don’t like that you can only use money already in your linked bank account to allocate funds to your budget with YNAB. You can’t plan ahead for your next paycheck, for example.

Who It’s Best For

YNAB is best for people who want to proactively manage their finances and budget every paycheck. This app isn’t optimized for passive budgeting or irregular use.

Pros & Cons
  • Accessible from several different devices
  • Shareable with one other person
  • Live help from YNAB staff, along with interactive webinars
  • Lack of investment tracking
  • The user interface isn’t much different from a Microsoft Excel spreadsheet
Details

YNAB, short for You Need A Budget, is an award-winning budgeting program that specializes in helping consumers save money and get out of debt. It is accessible from desktop and mobile platforms and voice-activated devices. There is no upfront commitment with YNAB, and you can try it risk-free for the first 34 days.

YNAB prides itself on focusing on your present situation and future possibilities rather than looking into past financial insights. The YNAB app is available for both iOS (4.8 stars) and Android (4.7 stars).

Best for Managing Household Finances

Quicken Simplifi

Quicken Simplifi
4.8
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

$35.88/year

Android Rating

4.5/5

based on 1.98K+ reviews

iOS Rating

4.2/5

based on 3K+ reviews

Quicken Simplifi
Learn More Arrow

On Quicken's Website

$35.88/year

4.5/5

based on 1.98K+ reviews

4.2/5

based on 3K+ reviews

Editor's Take

We chose Quicken Simplifi as the best app for managing household finances because it makes tracking bills, savings goals and cash flow easy. Plus, you can add multiple people to your budget, including your partner or financial planner.

Why We Like It

Simplifi has all the budgeting features you need to manage your finances in one place. You can import transactions automatically, tag and flag transactions, get real-time alerts for unusual expenses or upcoming bills, set savings goals and run various reports.

What We Don’t Like

Simplifi does not offer a free trial, and we don’t like that you may be quoted different prices if you pay for your subscription through Google Play or the App Store instead of the website.

Who It’s Best For

Quicken Simplifi is best for families who want an all-in-one solution for managing household finances.

Pros & Cons
  • 30-day money-back guarantee
  • Personalized spending plan that adjusts based on habits
  • Can add multiple people to budget
  • No free trial
  • Subscription fees can vary
Details

Quicken Simplifi costs $35.88 per year with a 30-day money-back guarantee. The app connects your bank accounts, credit cards and loans so you can track your total cash flow and net worth. You can also create custom spending categories, set savings goals and receive personalized insights. The Simplifi app is available for both iOS (4.2 stars) and Android (4.5 stars).

Best for Tracking Spending

PocketGuard

PocketGuard
4.2
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

Free version; Plus is $12.99/month or $74.99/year

Android Rating

3.6/5

based on 2K+ reviews

iOS Rating

4.6/5

based on 7K+ reviews

PocketGuard
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Read Our Full Review

Free version; Plus is $12.99/month or $74.99/year

3.6/5

based on 2K+ reviews

4.6/5

based on 7K+ reviews

Editor's Take

We picked PocketGuard as the best app for tracking spending thanks to its simple interface. It shows how much money you have, how much you put toward bills and how much is left over. The app also shows you a personalized pie chart of your expenses. To prevent overspending, you can set spending limits directly in the app.

Why We Like It

We like PocketGuard because it lets you choose between envelope, 50/30/20 and zero-based budgeting. You aren’t stuck with a budgeting strategy you don’t like and can fully customize your spending plan to meet your needs.

What We Don’t Like

We don’t like the limitations of this app’s free version. If you want to access all the features, such as the ability to customize your spending categories and manually input information, you must pay for the Plus version.

Who It’s Best For

PocketGuard is best for you if you want to keep track of how much money you have left to spend after paying your bills and other expenses. The app can even notify you when you’re close to exceeding a spending limit you’ve set or using up your budget.

Pros & Cons
  • Ability to integrate bank accounts from thousands of institutions
  • Real-time spending availability for specified categories
  • Build custom budgets and set goals for savings
  • Some features are only available to paid users
  • PocketGuard website is challenging to navigate
Details

The In My Pocket feature helps you manage cash flow by showing how much money you have to save or spend after you cover your bills, budgets and goals. Linking your bank accounts and credit accounts is required for In My Pocket. Pocketguard identifies your recurring income, expenses and savings goals and calculates your monthly cash flow.

Keep in mind that the app limits some features in the free version, such as tracking your cash flow and the ability to create your own spending categories. The PocketGuard app is available for both iOS (4.6 stars) and Android (3.7 stars).

Best for Sole Proprietors and Freelancers

CountAbout

CountAbout
4.6
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

Standard is $9.99/year and Premium is $39.99 per year

after 45-day trial

Android Rating

4.5/5

based on 160+ reviews

iOS Rating

4.2/5

based on 80+ reviews

CountAbout
Learn More Arrow

On Count Website's

Standard is $9.99/year and Premium is $39.99 per year

after 45-day trial

4.5/5

based on 160+ reviews

4.2/5

based on 80+ reviews

Editor's Take

CountAbout is our top pick for sole proprietors because it has bookkeeping, accounting and budgeting features to help you manage your personal and business finances in one place.

Why We Like It

CountAbout is the only budgeting app on our list with built-in invoicing and receipt-capturing features. Plus, you can create customizable budgets and reports for accounting purposes.

All plans come with a 45-day free trial—one of the longest trial periods on our list.

What We Don’t Like

There is no free version of CountAbout. This is unfortunate, considering the Standard plan still requires you to import transactions manually. Some users also report finding the app tricky to navigate at first.

Who It’s Best For

CountAbout is best for sole proprietors and freelancers who want a single platform to manage and monitor their personal and business finances.

Pros & Cons
  • 45-day free trial
  • Invoicing features for sole proprietors and freelancers
  • Can import data from Quicken and Mint
  • Auto-sync transactions from banks and credit cards (Premium plan only)
  • No free plan
  • Less modern interface
  • Receipt uploading and invoicing cost extra
Details

CountAbout has two plans: Standard ($9.99 per year) and Premium ($39.99 per year). Both plans offer a 45-day free trial, so you can try them out before committing.

The Standard plan lets you enter transactions manually, import Quicken interchange format (QIF) files and see your savings projections. The Premium plan takes it up a notch by automatically connecting to your bank accounts and credit cards, so you don’t have to import your spending manually.

You can also add receipt image uploading ($10 per year) and small-business invoicing ($60 per year). The CountAbout app is available on both iOS (4.2 stars) and Android (4.5 stars).

Best for Tracking Net Worth

Empower Personal Dashboard™

Empower Personal Dashboard™
4.5
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

Free

Android Rating

4.1/5

based on 18K+ reviews

iOS Rating

4.7/5

based on 42K+ reviews

Empower Personal Dashboard™
Learn More Arrow

On Empower's Website

Free

4.1/5

based on 18K+ reviews

4.7/5

based on 42K+ reviews

Editor's Take

We picked Empower Personal Dashboard™  (formerly Personal Capital) as the best budgeting app for tracking net worth because of its outstanding reporting, investment management and spend-tracking features.

Why We Like It

We like Empower because it provides customers with a holistic view of their financial picture, from day-to-day spending to portfolio performance. It also offers desktop capabilities for those who prefer budgeting on a computer.

What We Don’t Like

We don’t like that you must have at least $100,000 in investment savings to use this platform’s robo-advisory services.

Who It’s Best For

Empower Personal Dashboard is best for those who want a free app to show them their overall finances and help them understand their net worth.

Pros & Cons
  • Several tools available to monitor investment portfolio performance
  • Detailed analytics of cash flow, budgeting, net worth and transactions
  • Available features that focus on short-term and long-term financial goals
  • Empower Personal Cash (interest-bearing, no-fee checking account) is available
  • Portfolio management service minimum balance is $100,000
  • User interface is limited in customizations
Details 

Empower Personal Dashboard™ has several savings tools designed to help build retirement savings and emergency funds and pay down debt. It also has excellent advisory tools, including an investment checkup, investment fee analyzer, financial planning, cash flow tracking, education cost planning and real-time net worth tracking. All of these tools give detailed insights into your current financial picture while helping you plan for the future.

Getting started with the app is simple—all users need to do is link bank accounts, credit cards, student loans, mortgages and other line items from their budget. From there, the app will gather information to produce a full financial picture. The Empower app is available for both iOS (4.7 stars) and Android (4.1 stars).

Best for Replacing Mint

Monarch Money

Monarch Money
4.5
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

$14.99/month or $99.99/year

after 7-day trial

Android Rating

4.8/5

based on 3K+ reviews

iOS Rating

4.9/5

based on 16K+ reviews

Monarch Money
Learn More Arrow

On Monarch's website

$14.99/month or $99.99/year

after 7-day trial

4.8/5

based on 3K+ reviews

4.9/5

based on 16K+ reviews

Editor's Take

We picked Monarch Money  because it provides an overview of your finances, allowing you to see all your accounts in one place. It’s one of the best replacements for Mint because, while similar to Mint, it offers additional features. Monarch allows you to collaborate with your partner or a financial advisor on your budget and offers more options when creating savings goals.

Why We Like It

We like Monarch because you can customize your dashboard, choosing what you want to see and what you don’t. Monarch categorizes your transactions for you and you can access and filter them all in one place. Monarch is available on both desktop and mobile, unlike many other popular budgeting tools.

What We Don’t Like

We don’t like that Monarch isn’t free, as Mint was. You’ll pay either $14.99 or $8.33 a month for this app, but you will have an ad-free budgeting experience.

Who It’s Best For

Monarch is best for those who want to link multiple financial accounts and make custom budgeting and savings goals. The app provides a comprehensive personal finance platform, and you can budget on your own or with a partner.

Pros & Cons
  • Share with partner
  • Collaborate with financial advisor
  • Unlimited, customizable goals
  • Automated tracking features
  • No free version
  • Can’t pay bills
  • No bill lowering tool
Details

Monarch listens to its users and changes things accordingly. According to its website, new features are released monthly based on user feedback. Some other enticing features of Monarch include tracking net worth, investments, bills and subscriptions, budgeting rollovers and customizable spending reports. Monarch is available on both iOS (4.9 stars) and Android (4.8 stars). Former Mint users may qualify for an introductory price discount.

Best for Getting Out of Debt

EveryDollar

EveryDollar
4.4
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

Free version; Premium is $17.99/month or $79.99/year

after 14-day trial

Android Rating

3.5/5

based on 11K+ reviews

iOS Rating

4.7/5

based on 62K+ reviews

EveryDollar
Learn More Arrow

On Everydollar Website's

Free version; Premium is $17.99/month or $79.99/year

after 14-day trial

3.5/5

based on 11K+ reviews

4.7/5

based on 62K+ reviews

Editor's Take

We think EveryDollar is the best app for getting out of debt, thanks to its zero-based budgeting approach. This approach encourages you to purposefully allocate every dollar of income to avoid overspending and work toward becoming debt-free.

Why We Like It

We like EveryDollar’s user-friendly interface and the ability to customize budget categories to fit your needs. The app has a free version as well as a 14-day free trial if you want to try Premium.

What We Don’t Like

You won’t be able to import transactions automatically with this app unless you pay for a Premium subscription. Free plans are stuck with manual imports.

Who It’s Best For

EveryDollar is best for those committed to paying off debt who feel comfortable using the zero-based budgeting method to do so.

Pros & Cons
  • Zero-based budgeting approach helps prioritize debt repayment
  • Offers a free version and free trial of the premium version
  • Financial coaching calls available with Plus
  • Plus subscription required for automatic importing
  • Manual expense tracking in the free version can be time-consuming
Details

EveryDollar’s free plan has basic budgeting features, such as creating custom categories, manually inputting transactions and setting due dates for bills. You can access your budgets on multiple devices and share household budgets with others.

The EveryDollar Plus subscription is $17.99 per month or $79.99 per year. It unlocks additional features like automatic transactions, bank account syncing and personalized recommendations for expense tracking. Plus users also gain access to group financial coaching calls. The EveryDollar app is available on both Android (3.5 stars) and iOS (4.7 stars).

Best for Tracking Credit Scores

Credit Karma

Credit Karma
4.4
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

Free

Android Rating

4.7/5

based on 2.84M+ reviews

iOS Rating

4.8/5

based on 6.8M+ reviews

Credit Karma

Free

4.7/5

based on 2.84M+ reviews

4.8/5

based on 6.8M+ reviews

Editor's Take

We picked Credit Karma as the best app for tracking your credit because it helps you stay on top of changes to your score and financial health. It isn’t a true replacement for an everyday budgeting app, but its expense tracking and net worth monitoring tools make it useful for managing money.

Why We Like It

We like that Credit Karma gives you a big-picture view of your financial health. You can categorize expenses, track spending by month and monitor your net worth across various accounts. You also have access to several credit monitoring tools that alert you when your score changes and provide personalized tips for boosting your score.

What We Don’t Like

We don’t like that Credit Karma doesn’t provide common budgeting features found with other apps, like the ability to create custom budgets or set financial goals.

Who It’s Best For

Credit Karma is best for anyone who wants to monitor their credit and gain insights into their overall financial strengths and weaknesses.

Pros & Cons
  • Entirely free to use
  • Access to TransUnion and Equifax credit reports
  • Can track monthly expenses and net worth
  • Limited budgeting features compared to other apps
  • Can’t track spending for the year—just by month
Details

Credit Karma is a free app that gives you access to your TransUnion and Equifax credit reports. It also offers money management tools to track your spending and monitor your net worth.

When Mint shut down in 2024, parts of it were absorbed by Intuit Credit Karma. You can link accounts from thousands of U.S. financial institutions to track your net worth. However, not all features and insights previously supported on Mint are available on Credit Karma. The Credit Karma app is available for both iOS (4.8 stars) and Android (4.7 stars).

Best for Simple Finances

Fudget

Fudget
4.1
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

Free version; Plus is $19.99/year or $14.99/six months

after 7-day trial

Android Rating

4.6/5

based on 790+ reviews

iOS Rating

4.7/5

based on 440+ reviews

Fudget

Free version; Plus is $19.99/year or $14.99/six months

after 7-day trial

4.6/5

based on 790+ reviews

4.7/5

based on 440+ reviews

Editor's Take

We found Fudget to be the best choice for those who crave simplicity in a budgeting app. It lacks many features found in competitor apps, but its barebones approach may appeal to users who find other tools too complex or cluttered.

Why We Like It

Fudget removes all the bells and whistles that can make other budgeting apps difficult to use. You simply input your income, add your expenses and mark charges as paid or unpaid (almost like a checkbook ledger). Fudget also allows you to change currency symbols and languages.

What We Don’t Like

Fudget’s simplicity is both its greatest strength and its biggest weakness. You can’t sync accounts, automate expense tracking or track your net worth. Also, many of the app’s features are only available in the paid version.

Who It’s Best For

Fudget may appeal to high school or college students who want to learn how to budget without being overwhelmed by complex features. It’s also good for those with simple financial situations or who are tracking expenses for a specific goal or spending category, like house renovations.

Pros & Cons
  • Free version available
  • 7-day free trial for paid version
  • Can customize currencies and languages
  • Beginner-friendly interface
  • Lacks standard budgeting features like account syncing
  • Many features only available in paid version
Details

Fudget’s free plan comes with up to five budgets and 250 entries on one device. The Fudget Plus subscription costs $19.99 per year or $14.99 every six months. It unlocks unlimited budgets and entries, multi-device syncing and additional features like folders, reminders and a calculator. The Fudget app is available for both iOS (4.7 stars) and Android (4.6 stars).

Best for Envelope Budgeting

Goodbudget

Goodbudget
4.5
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Cost

Free version; Plus is $10/month or $80/year

Android Rating

4.1/5

based on 19K+ reviews

iOS Rating

4.6/5

based on 12K+ reviews

Goodbudget
Learn More Arrow

Read Our Full Review

Free version; Plus is $10/month or $80/year

4.1/5

based on 19K+ reviews

4.6/5

based on 12K+ reviews

Editor's Take

We chose the Goodbudget app because it offers an easy, digital version of the time-tested envelope method. By dividing your funds into envelopes labeled by category, such as rent and groceries, Goodbudget helps you plan your spending by giving every dollar a purpose.

Why We Like It

We like the Goodbudget app because it’s optimized for envelope budgeting as a couple or family. You can sync a shared household budget with more than one person, and the free version offers plenty of functionality.

What We Don’t Like

We don’t like that Goodbudget doesn’t let you link your bank accounts, meaning you have to track everything manually. You also can’t see all of your finances in one place.

Who It’s Best For

Goodbudget is best for you if you like the idea of using the envelope system to budget and want to create and maintain a strict spending plan.

Pros & Cons
  • Free version is similar to the paid version
  • Low cost paid version
  • Digitizes the envelope budgeting method
  • Free version restricts users to one financial institution
  • You must manually add each purchase
Details

The free version of Goodbudget is similar to the paid version, Goodbudget Plus. The Plus version contains all of the same features with extended capabilities. For example, the free version gives each account 20 envelopes for organizing your finances, while the paid version gives you unlimited envelopes.

The platform is accessible from a mobile device, tablet or desktop. The Goodbudget app is available for both iOS (4.6 stars) and Android (4.1 stars).

Goodbudget also offers Budget Bootcamp courses to teach users how and why to create a budget that works for them how to stop living paycheck to paycheck, how to get rid of debt and a crash course to help tackle financial emergencies.

Summary of the Best Budgeting Apps of 2024

Company Forbes Advisor Rating Best For Cost Time Period for Free Version Number of Ratings LEARN MORE
YNAB (You Need A Budget) 4.7 4.5-removebg-preview Setting Goals After free trial, $14.99/month or $99/year 34 days 67,000+ Learn More Read Our Full Review
Quicken Simplifi 4.8 4.5-removebg-preview Managing Household Finances $35.88/year N/A 5,000+ Learn More On Quicken's Website
PocketGuard 4.2 4-removebg-preview Tracking Spending Free version; Plus is $12.99/month or $74.99/year Unlimited 9,000+ Learn More Read Our Full Review
CountAbout 4.6 4.5-removebg-preview-1 Sole Proprietors and Freelancers Standard is $9.99/year and Premium is $39.99/year 45 days 240+ Learn More On Count Website's
Empower Personal Dashboard™ Empower 4.5 4.5-removebg-preview-1 Tracking Net Worth Free Unlimited 60,000+ Learn More On Empower's Website
Monarch Money 4.5 4.5-removebg-preview-1 Replacing Mint $14.99/month or $8.33/month or $99.99 yearly 7 days 17,600+ Learn More On Monarch's Website
EveryDollar 4.4 4.5-removebg-preview-1 Paying off Debt Free version; Premium is $17.99/month or $79.99/year 14 days 73,000+ Learn More On Everydollar Website's
Credit Karma 4.4 4.5-removebg-preview-1 Credit Tracking Free Unlimited 964,000+ View More
Fudget 4.1 4 stars Simple Finances Free version; Plus is $19.99/year or $14.99/six months 7 days 1,230+ View More
Goodbudget 4.5 4.5-removebg-preview Envelope Budgeting Free version; Plus is $10/month or $80/year Unlimited 32,000+ Learn More Read Our Full Review

Methodology

To create this list, Forbes Advisor analyzed 15 budgeting apps. We ranked each budgeting app on 18 data points within the categories of consumer ratings, costs associated with the app, security and encryption of consumers’ data, desktop availability and the ability to share the app with someone else.

The following is the weighting assigned to each category:

  • Mobile app rating (App Store and Google Play): 35%
  • Cost: 25%
  • Encryption/Security: 15%
  • Account integration capabilities: 10%
  • Website version available: 10%
  • Ability to share: 5%

Budgeting apps with a higher overall rating relative to their number of reviews ranked higher on our list, as did those that are completely free. We also prioritized mobile apps with advanced security features, like biometric authentication, multifactor authentication and encryption. Apps that allow the ability to connect an unlimited number of accounts moved toward the top of our list, as did apps that also have a website version and allow for sharing with family or friends.


Complete Guide to the Best Budgeting Apps


Why Is Budgeting Important?

With more than half of Americans living paycheck to paycheck, according to multiple surveys, budgeting is critical to helping people break free from financial struggle and create financial stability. The U.S. has seen a rapid escalation in housing and healthcare costs over the last 30 years, leaving less money to put toward savings and retirement.

Having no financial plan or budget in place can cause stress and overwhelm you, leading to increased spending, living beyond one’s means and perpetuating destructive cycles. But having a solid budget in place as part of your overall money mindfulness can make a huge difference—not only by helping you achieve your financial goals but also by reducing stress and anxiety and improving your overall quality of life.


How To Budget

Creating and managing a successful monthly budget is all about knowing how much money you bring in and how you actually spend it. Your income should be greater than your expenses, and you should have enough wiggle room to set money aside each month for savings and retirement. If your balance isn’t where you want it to be, it’s time to create a budget plan.

Pro Tip
Build in breathing room. Rounding up your expenses to the nearest dollar or five dollars can provide a comfortable pad, so one math mistake doesn’t result in an overdraft fee. Another way to do this is to set a false bottom threshold in your account—instead of considering $0 the bottom of your checking account, consider $200 the bottom. This approach can serve as a safety net in a worst-case scenario.

How To Make a Budget Plan

How To Budget for Groceries

How To Budget for a Vacation

How To Budget for Rent

How To Budget for a Wedding


What Is a Budgeting App?

Budgeting is a process that begins with identifying your financial goals, along with observing your spending and savings habits. When you truly understand how much money is going out and coming in, you’re better prepared to handle both the expected and unexpected financial challenges life brings.

The mindset you bring to managing your money is important. Establishing a budget is a critical first step to gaining control over your finances. If you’ve never worked with a personal budget, it may take a few cycles for your habits to catch up. And, if you have money habits you need to improve, the right app can help.

A budgeting app is an app designed to help you optimize the spending and savings choices you make each month. By putting all your financial commitments and goals in one place, a budgeting app can give you better visibility into your financial choices and habits.

Similar to the apps you may use from your bank or credit union, a budgeting app may provide additional functionality such as financial goal setting and cash flow tracking across multiple financial accounts. Budgeting apps can sync with your bank and credit card accounts to provide a holistic view of your finances.

Some budgeting apps will use a specific budgeting approach—like envelope budgeting or zero-based budgeting—while others will address budgeting more generally, allowing for customization based on your needs. A fully featured budgeting app can help you track spending, manage recurring bill payments, set savings goals and manage monthly cash flow.


Pros and Cons of Budgeting Apps

Pros

  • Syncing. Many budgeting apps let you sync multiple accounts to see an overview of your finances in one place.
  • Goal setting. Budgeting apps make it easy to set multiple financial goals, such as a vacation or a down payment on a house, and see your progress toward them.
  • Convenience. Apps are easily accessible from your mobile phone or tablet for on-the-go spend tracking and budget check-ins.
  • Automation. Apps give you a more hands-off way to create and manage your budget. Compared to manual budgeting methods, you can save time and energy.

Cons

  • Device limitations. Desktop versions of budgeting apps are not always available. And when they are, they might not be as user-friendly as the mobile versions.
  • Fees. Many budgeting apps charge monthly usage or subscription fees, and those that don’t may have in-app ads to try to sell you something.

How To Choose a Budgeting App

Picking a budgeting app can seem like a small decision when compared to other personal finance choices. But the right budgeting app can make a big difference in your personal financial life.

When selecting a budgeting app, be sure to consider what your needs and goals are first. The right budgeting app can provide you with helpful insights and data into your expenses and savings. But before that happens, identifying your financial goals can help you refine your search for the right budgeting app for you.

Outside of your goals, here are a few features to consider before you commit to a budgeting app:

  • Fees. Budgeting apps differ in their costs. Many budgeting apps are free—or offer free versions—while some charge a monthly fee. While it may be tempting to choose a free app, don’t overlook the paid apps. If a budgeting app can significantly improve your financial outlook, it may very well be worth the investment.
  • Features. Each app has unique features and benefits, so it may make sense to test a few different apps to see which one best fits your needs. If you’ve used a mobile banking app, you have a head start on the features you’ll be seeking. Typical features in the leading budgeting apps include: connecting all your financial accounts, receiving notifications of upcoming bill payments, designing a budget, credit score tracking, tracking spending, setting up financial goals and more.
  • Security. The security of your personal information is extremely important, especially around banking data and logins. While most budgeting apps have some level of security, some are more sophisticated than others. Be sure to look into the level of security encryption of each app. On their websites, you may find security features such as 256-bit encryption and multi-factor authentication. Along with using a secure Wi-Fi network, features like this will help deter intruders from accessing your information.
  • Customer service. If you run into an issue when using a budgeting app, having a technical team you can reach out to can be helpful. When selecting a budgeting app, be sure to find out what customer service options are available, both from the app and from the desktop version, if applicable. It also may help to read reviews of others’ experiences with the app you’re considering.
Pro Tip
When searching for the perfect budgeting app, consider your personality first. Do you like to see how the sausage is made, or do you want to set it and forget it? Apps like YNAB help you understand where every dollar is going, while apps like PocketGuard help you automate budgeting so you rarely have to think about it.

Alternatives to Budgeting Apps

Budgeting apps aren’t the only way to manage your money and track your spending. Here are some alternatives to budgeting apps to consider.

Budgeting Software

While mobile apps are convenient for day-to-day budgeting, you might prefer software for a more robust money management experience. Software programs like QuickBooks or Quicken offer expanded capabilities beyond budgeting, like tax software integration and payment management. However, these added features often come at a higher price tag than mobile apps, so consider what you can afford to spend.

Spreadsheet Budgeting

Spreadsheet budgets are highly customizable, making this method ideal for anyone who needs something more hands-on than budgeting apps. With a spreadsheet, you can record your income, keep track of your expenses and see where your money goes each week or month. Excel and Google Sheets are popular choices.

The 50/30/20 budgeting method lends itself well to budgeting with a spreadsheet because you can divide expenses, discretionary spending and savings into categories within the sheet and allocate individual expenditures to each category. To get started, use our 50/30/20 budget calculator.

Expense Tracking Apps

For some, building a detailed budget might not be necessary or might feel too advanced. When this is true, just tracking your spending could be a good place to start. You can do this by looking through your bank or credit card statements periodically or using an app. Expense tracking apps like Mint give you a snapshot of your spending by category. While you can use Mint to budget, you can also just use it to sync your different bank accounts and see your activity more clearly.

Cash Envelope Budgeting

If a mobile app isn’t your style, you might prefer manual budgeting. Budgeting without the help of technology is a good way to hold yourself accountable for your spending. Envelope budgeting or cash stuffing is a tried-and-true system for visualizing your budget that can be done manually.

When you get paid, you’ll distribute portions of your paycheck into envelopes. Each envelope will be designated for a specific category, such as rent, food or gas. With this system, you give every penny of your paycheck a purpose and cannot spend beyond what’s in your envelopes.


Are Budgeting Apps Worth It?

Yes, budgeting apps are worth it, especially when you understand what your financial goals are and use the right app to reach them. According to anecdotal reports, some budgeting apps have helped users save thousands of dollars in the first year alone. They can also help consumers make more mindful purchases by tracking their spending and cash flow.

Budgeting apps are a great tool to help ensure you’re living your budget, not just planning one. They can provide insights into your spending habits, identifying where your money goes and where you can make improvements.

As with any app, whether or not it’s “worth it” depends largely on how you use it. A challenge with budgeting generally—whether managed with an app, a spreadsheet, or more manual means—is committing not only to having a budget but to making your financial decisions in line with it. Many people find that the interactivity and automation provided by a budgeting app help keep them motivated to stay on top of their personal finances.

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Frequently Asked Questions (FAQs)

What are the best free budgeting apps?

There are several excellent free budgeting apps to choose from here that may meet your needs. However, the best free budgeting app for you is the one that will best serve your personal financial goals. To find the right app for you, don’t hesitate to download a few and test them out for yourself.

What is the easiest budgeting app?

While many budgeting apps claim to have user-friendly interfaces, each person has different likes and preferences. It is difficult to say which budgeting app is easiest to use, but all seven of these highly ranked budgeting apps are designed to provide a positive user experience.

What is the best budget app for couples? 

The overall best budgeting app for couples is Honeydue, a free app that promotes transparency and collaboration between any two people who manage money together. Other budget apps for couples to consider include Goodbudget and YNAB.

What is the best budgeting app not linked to a bank account? 

If you don’t want to give your bank account information to a budgeting app, YNAB allows for file-based import of transactions as well as manual and automatic tracking. Goodbudget doesn’t connect to your bank account either—instead, it requires you to record each transaction manually.


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